8 months of Bitcoin, every UTXO visualized (realized + age bands)

I put together an animation that shows every UTXO from the last ~35,000 blocks, ending about 15 minutes ago (this is live to the last block posted). In time terms, that’s roughly eight months of on-chain activity compressed into a short movie. Each frame in the animation represents one day of Bitcoin history, so as you watch it play at normal speed you’re effectively seeing about a week pass every second.

The top panel is price plus realized profit and loss in USD. The orange line is the BTC/USD price. The vertical bars behind it show realized PnL for that day: green bars are coins being moved at a profit compared to when they were last spent, and red bars are coins being moved at a loss. Big green spikes near local highs usually mean distribution – people taking profit into strength. Deep red spikes near local lows are usually short-term capitulation – people locking in losses.

The bottom panel is where it gets interesting. That’s a breakdown of the same spending activity by coin age. I’m using 100 age bands on a logarithmic scale, running from very young coins (hours/days old) on the left, out to multi-year coins on the right. The height shows how many BTC moved in that age group on that day. Color intensity is tied to PnL (relative change in value from cost basis on creation to when coin moved) as well: red-tinted regions are age bands realizing significant profit, green-tinted regions are age bands locking in heavy losses.

Once you know what you’re looking at, some patterns jump out. The youngest coins (under a week or so) are constantly churning; that’s most of the trading, arbitrage, and short-term repositioning. Mid-aged coins (months to a year or two) tend to light up during volatile moves – these are the holders who are still somewhat sensitive to price. The oldest cohorts (4+ years) barely move at all, and when they do you can usually tell it’s part of a bigger structural shift rather than short-term trading.

Put together, the two panels let you watch Bitcoin’s supply being repriced and redistributed through time: who is realizing profit, who is taking losses, and which age groups are actually moving coins during different parts of the market cycle. This isn’t based on addresses or heuristics from an explorer; it’s straight from my own full node and a local UTXO database, so I’m working directly off the raw chain data.

If you’re curious about how different holder cohorts behave during different conditions, this kind of view makes it a lot easier to “see” the cycle instead of just looking at a price line.